FUNDAMENS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FUNDAMENS
Largest movements
- Stocks and contracts +€1.8m
up €1.8m (+127%), from €1.4m to €3.2m
- Receivables after one year +€325,000
up €325,000 (+9.0%), from €3.6m to €3.9m
- Receivables within one year +€306,875
up €306,875 (+229%), from €134,161 to €441,036
of which Other amounts receivable: +€337,125
- Cash +€92,066
up €92,066 (+9.5%), from €971,272 to €1.1m
mainly Accrued charges and deferred income (+€2.3m) and Trade debts (+€159,101)
- Accrued charges and deferred income +€2.3m
new in 2025: €2.3m
- Trade debts +€159,101
up €159,101 (+96.8%), from €164,376 to €323,477
- Gross operating margin -€260,134
down €260,134 (-92.2%), from €282,200 to €22,066
- Staff costs -€45,366
down €45,366 (-99.5%), from €45,577 to €210
- Taxes -€36,217
down €36,217, from €35,871 to -€346
- Financial charges -€19,107
down €19,107 (-16.7%), from €114,132 to €95,025
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,119,977 | €8,619,531 | +€2.5m | +40.8% |
| Fixed assets | 21/28 | €3,877 | €2,855 | -€1,022 | -26.4% |
| Tangible fixed assets | 22/27 | €3,877 | €2,855 | -€1,022 | -26.4% |
| Furniture and vehicles | 24 | €3,877 | €2,855 | -€1,022 | -26.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €6,116,100 | €8,616,676 | +€2.5m | +40.9% |
| Amounts receivable after more than one year | 29 | €3,604,579 | €3,929,579 | +€325,000 | +9.0% |
| Other amounts receivable | 291 | €3,604,579 | €3,929,579 | +€325,000 | +9.0% |
| Stocks and contracts in progress | 3 | €1,404,210 | €3,180,834 | +€1.8m | +127% |
| Stocks | 30/36 | €1,404,210 | €3,180,834 | +€1.8m | +127% |
| Amounts receivable within one year | 40/41 | €134,161 | €441,036 | +€306,875 | +229% |
| Trade receivables | 40 | €30,250 | €0 | -€30,250 | -100% |
| Other amounts receivable | 41 | €103,911 | €441,036 | +€337,125 | +324% |
| Cash at bank and in hand | 54/58 | €971,272 | €1,063,338 | +€92,066 | +9.5% |
| Deferred charges and accrued income | 490/1 | €1,879 | €1,890 | +€11 | +0.6% |
| Total equity and liabilities | 10/49 | €6,119,977 | €8,619,531 | +€2.5m | +40.8% |
| Equity | 10/15 | €4,608,645 | €4,552,188 | -€56,457 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,602,445 | €4,545,988 | -€56,457 | -1.2% |
| Distributable reserves | 133 | €4,602,445 | €4,545,988 | -€56,457 | -1.2% |
| Amounts payable | 17/49 | €1,511,332 | €4,067,343 | +€2.6m | +169% |
| Amounts payable after more than one year | 17 | €1,346,956 | €1,346,589 | -€367 | 0.0% |
| Other amounts payable | 178/9 | €1,346,956 | €1,346,589 | -€367 | 0.0% |
| Amounts payable within one year | 42/48 | €164,376 | €394,433 | +€230,057 | +140% |
| Trade debts | 44 | €164,376 | €323,477 | +€159,101 | +96.8% |
| Suppliers | 440/4 | €164,376 | €323,477 | +€159,101 | +96.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €70,955 | +€70,955 | |
| Taxes | 450/3 | €0 | €70,955 | +€70,955 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €2,326,321 | +€2.3m | |
| Non-recurring operating income | 76A | €6,488 | €0 | -€6,488 | -100% |
| Remuneration, social security and pensions | 62 | €45,577 | €210 | -€45,366 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,022 | €1,022 | = | 0.0% |
| Other operating charges | 640/8 | €1,463 | €1,574 | +€111 | +7.6% |
| Gross operating margin | 9900 | €282,200 | €22,066 | -€260,134 | -92.2% |
| Operating profit (loss) | 9901 | €234,139 | €19,260 | -€214,879 | -91.8% |
| Financial income | 75/76B | €17,875 | €18,962 | +€1,087 | +6.1% |
| Recurring financial income | 75 | €17,875 | €18,962 | +€1,087 | +6.1% |
| Financial charges | 65/66B | €114,132 | €95,025 | -€19,107 | -16.7% |
| Recurring financial charges | 65 | €114,132 | €95,025 | -€19,107 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €137,882 | -€56,803 | -€194,686 | |
| Income taxes | 67/77 | €35,871 | -€346 | -€36,217 | |
| Profit (loss) for the period | 9904 | €102,011 | -€56,457 | -€158,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,011 | -€56,457 | -€158,469 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.